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China Pacific Insurance has introduced Swiss Re Principal Investments Co Asia Pte Ltd as its cornerstone investor. The Swiss reinsurance company has purchased about 28.88 million GDRs, which have a three-year lock-in period.

China also would encourage more SOEs to compete and cooperate with major firms of other countries in the global arena, he said at a press conference during the annual sessions of the 13th National People’s Congress and the 13th National Committee of the Chinese People’s Political Consultative Conference.

China Railway Rolling Stock Corporation (CRRC) Sifang America won the contract last year to build hundreds of next generation rail cars for the CTA. But certain parts for the rail cars, which are expected to be delivered starting at the end of 2019, will be made in China.

China and Russia vowed to further deepen military ties and improve their troops' combat abilities to respond to various security threats, as they formally concluded the "Vostok-2018" strategic drills with a military parade on Thursday.

China United Network Communications Group, the country's second-largest telecom carrier, is also scrambling to make a breakthrough in the technology. It recently set up the country's first pre-5G base station in Jilin province by partnering with telecom equipment maker Huawei Technologies Co Ltd.